Trader funding emerges as the next big thing in online trading. Still in its infancy, prop trading has gained more traction within the trading community, with market players contending for traders’ preference. One such prop firm is Ultimate Traders.
Entering the prop trading space in 2023, the company has already established a strong foothold in the market. With an appealing offering that easily meets the demands of proficient traders looking to explore new opportunities but cannot afford to invest large amounts, Ultimate Traders quickly emerged on traders’ radar as a true game changer.
A rising prop trading force
Promoting an evaluation-based approach and requiring no capital to begin with, the prop firm has laid out a new route for traders to manage up to $400,000 of its funds, provided they pass a number of challenges.
Successful traders also have a chance to retain 90% of the profits they generate from their activities, while the company preserves 10%, based on a 90/10 profit-sharing model. This is ideal for traders confident in their trading skills, empowering them to achieve more with a company-funded trading account.
Ironing out the problem of limited funds, which generally keeps top talent away from trading platforms, Ultimate Traders paves the way for retail trading as a career while fostering healthy competition.
It must be stated that over the course of the challenges, traders will only be granted access to test funds and trade in a fully demo environment.
The ultimate prop trading choice
Ultimate Traders provides exposure to a wide range of instruments at minimal costs. Traders have a choice of CFD instruments with Forex, cryptocurrencies, stocks, indices, and commodities as underlying assets. This allows for cost-effective portfolio building and diversification, while increasing a trader’s potential to reach the required profit target and move on to the Funded stage.
With so many options available, traders can easily apply arbitrage or other commonly used prop trading strategies to manage risk and reach the required profitability target. Depending on the type of challenge, this ranges between 5% for the Classic Challenge, and 10% for the Speedy Challenge.
As a rule, the mandatory Stop Loss requirement has been removed. Other risk management rules apply to prop trading practices, and Ultimate Traders employs a set of clear evaluation rules that encourage risk management and responsible trading.
Traders also have the flexibility to opt for a 1-step or a 2-step evaluation process, varying per the type of challenge. Most importantly, there are no time limits, giving traders the freedom to trade at their own pace. For an authentic trading experience, all challenges run on real servers.
Other key benefits of Ultimate Traders’ proprietary trading offering include:
● Competitive spreads and leverage up to 1:100
● Trade on the industry-leading MT4 platform
● Use any trading strategy or style, including hedging, scalping, and EAs
● No membership fees, except the entry fee charged upon joining the challenge
● Hold trades over the weekend without any impact on leverage
Ultimate Traders offers plenty of resources to get traders started on their journey. The prop firm’s FAQ section provides answers to the most common prop trading-related questions, challenges, and registration.
The challenges
The onboarding process is straightforward. Traders are required to pay a one-time registration fee upon sign-up. This allows them to join one of the two challenges.
The Classic Challenge
The Classic Challenge involves two evaluation stages, requiring traders to generate a 10% in profits at the first phase and 5% at the second phase. The maximum drawdown limit for each day of trading should not exceed 6% per day.
To qualify for the Funding Stage, traders must actively trade for at least three consecutive days and maintain their all-time drawdown limit above 12%, which is the maximum acceptable threshold. Therefore, a trader’s loss must not exceed 6% of their initial equity per day but never more than 12% of their starting account balance.
The Speedy Challenge
Albeit considerably more fast-paced and stricter than its Classic counterpart, the Speedy Challenge is a 1-step assessment, whereby traders must achieve a 10% profit target one time only.
The daily drawdown limit with this challenge is 4% and the all-time maximum acceptable loss threshold is 6%. This means that the trader is not permitted to lose more than 4% of their day’s starting equity and never more than 6% of the original account balance.
Good to know
While each phase requires a minimum of three active trading days, Ultimate Traders does not impose a maximum timeframe in which traders must complete the assessment.
It should also be noted that profits made during the assessment phases are not withdrawable. Traders are welcome to try again should they fail. This way, everyone gets a fair chance at testing their skills, learning and improving their strategy dynamically.
By bringing all the elements of trading together plus the competitiveness of the challenges and eliminating the roadblocks associated with the initial account funding, Ultimate Traders changes the game for a growing number of knowledgeable traders globally, giving them an opportunity to enter the world of professional trading through the front door.
Want to kickstart your trading? Feel free to visit Ultimate Traders’ website and join the challenges.
